Buying a home for the first time can be an intimidating experience, but it doesn’t have to be if you know the right questions to ask and if you work with the right professionals. For instance did you know that lenders continue to check your credit up to the day of closing? So even if you have already been approved, the purchase of your home can be delayed or the deal may completely fall apart because you went out and bought a new car or a lot of furniture.
There are many perks to being a first time home buyer, such as building equity in your home. Instead of throwing money away renting, you could be growing your assets for the long term. Also there are many tax benefits and incentives that you can use to deduct from your income tax returns. Making a mortgage payment on time is also a great way to build up your credit.
Contrary to what some first time home buyers think, you don’t need to have a 20% down payment to purchase a home. With FHA loans you can purchase a home for as little as a 3% down payment. There are many programs in place to help people looking to buy their first home that should be researched and utilized. Meet with a lender to see what you qualify for and then you can start to look for your home.
It’s important to find a real estate agent who you feel comfortable with guiding you through the home buying experience. You want to make sure it is someone who knows the area and is trusted within the community. A real estate agent will make the home buying process go a lot more smoothly and because a Buyer’s Agent is paid by the seller, it is a valuable service to you at no charge at all.
Author: Scott McAnaul